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8B – Daily News – Thursday, July 15, 2010 Furniture Depot 235 So. Main St., Red Bluff 527-1657 MON.-FRI. 9:00-6:00 SAT. 9:00-5:00 • SUN. 11:00-5:00 100 Years of Scouting BSA – 2010 Special Commemorative Edition Of the D NEWSAILY RED BLUFF TEHAMACOUNTY THE VOICE OF TEHAMA COUNT Y SINCE 1885 Saluting Tehama County Scouting Published Saturday, July 24, 2010 • Features on Tehama County Scout leaders attending Scouting’s 100th Anniversary Jamboree • Local Scouting participation and accomplishments • Exclusive features and articles on history of Scouting … and much more! Tehama County Businesses and Organizations! If you have sponsored Scouting, if your employees or members have been scouts or scout leaders, please join us in saluting Boy Scouting in Tehama County. Special pages containing exclusive features on Scouting will feature the advertisements in our July 24th edition that celebrate scouts, scout leaders and scouting. Two-page full color spread will highlight Tehama County scouts and scouting. Discounted rates available for Scout supported advertising in this edition. Advertising Space Reservation Deadline: Wednesday, July 21, 2010 Contact your Advertising Representative Today! 521-2151 advertise@redbluffdailynews.com Furniture 0% 12 month financing up to50%-60% off Retail prices on selected items Savings throughout store NEW YORK (AP) — A weaker eco- nomic forecast from the Federal Reserve chilled the stock market’s winning streak. Stocks closed mixed Wednesday, with Stocks are mixed after weaker economic outlook Wall Street the Dow Jones industrial average rising almost 4 points for its seventh straight advance. The other major market indexes also had single-digit moves. Bond prices rose as investors, again uneasy about the strength of the economic recovery, went in search of safe investments. The Fed’s economic forecast was only slightly more downbeat than the outlook issued in April. And investors have been well aware that the country faces a bumpy recovery. But the Fed’s assessment was still a sharp reminder that economic growth won’t come easily. Investors initially sold on the Fed’s state- ment. A strong start to second-quarter earn- ings reports, including upbeat forecasts from Intel Corp. and Alcoa Inc., helped temper their disappointment. The Fed lowered its projection for the gross domestic product, the broadest mea- sure of the economy, and said GDP will grow between 3 percent and 3.5 percent this year. That’s down from the 3.2 percent to 3.7 percent forecast in April. The central bank also said the unemploy- ment rate, now at 9.5 percent, will at best fall to 9.2 percent. In its April forecast, the Fed had a slightly lower bottom number of 9.1 percent. The Fed also released minutes from its June 22-23 meeting, at which it found that ‘‘economic developments abroad’’ could hurt the U.S. economy. That’s a reference to the debt crisis that began in Greece and threatened to spread to other European countries. While the Fed’s statement contained no real surprises, investors are particularly cau- tious after the advances of the past week and because so much of corporate earnings reports are still ahead, said Rob Lutts, presi- dent and chief investment officer of Cabot Money Management in Salem, Mass. ‘‘It’s been a very strong last three or four days. And at this point, valuations are a little higher and a little more of a challenge,’’ he said. And after the beating stocks took this spring, he said, investors remain more cau- tious than in any down investment cycle in memory. That caution is reflected in how they are continuing to move money into bonds. ‘‘We need time to heal, more than any- thing else,’’ Lutts said. Analysts said investors were initially unnerved by the Fed’s long-term outlook. ‘‘The Fed is talking about 5 to 7 years time before the economy gets back to the old modus operani,’’ said Joseph V. Battipaglia, market strategiest for the Private Client Group at Stifel Nicolaus & Co. ‘‘This is the government admitting that the coast is not clear because the outlook is a slower envi- ronment and unemployment stays doggedly high.’’ The Dow rose 3.70, or 0.04 percent, to 10,366.72. The Standard & Poor’s 500 index fell 0.17, or 0.02 percent, to 1,095.17, while the Nasdaq composite index rose 7.81, or 0.4 percent, to 2,249.84. Losing stocks were ahead of gainers by 4 to 3 on the New York Stock Exchange. Con- solidated volume came to 4.1 billion shares, down from Tuesday’s 4.7 billion. Bond prices rose, pushing interest rates lower in the Treasury market. Investors were following their pattern of turning to govern- ment debt as a safe place to put their cash when the economy looks troubled. The yield on the benchmark 10-year Treasury note fell to 3.05 percent from 3.13 percent late Tuesday. That yield helps set interest rates on mortgages and other con- sumer loans. Earlier Wednesday, there was disappoint- ing economic news from the Commerce Department, which said June retail sales fell 0.5 percent. That’s worse than the 0.2 per- cent decline forecast by economists polled by Thomson Reuters. However, excluding autos, sales were down 0.1 percent, in line with expectations. Shares of retailers including J.C. Penney Co., Macy’s Inc. and Target Corp., all fell after the monthly sales report. Late Tuesday, Intel reported its biggest quarterly profit in a decade as large corpora- tions started buying new computers. Com- panies have been reluctant to upgrade tech- nology during the recession, so a return of spending could be a sign corporations are ready to start expanding their businesses again and hire new workers. Intel’s profit and outlook, which sur- passed analysts’ forecasts, are considered good signs for the economy because the chipmaker manufactures 80 percent of the processors that run PCs and has a large glob- al reach. Although the market’s rally stalled Wednesday, the Dow is up 7 percent over seven days, its best stretch since last July. The Dow rose 147 points Tuesday after alu- minum producer Alcoa and railroad compa- ny CSX both reported better-than-expected profit.